WealthSecure Life
A WealthSecure Insights Service
Frequently Asked Questions
Answers to Your Life Insurance and Annuity Questions
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General Questions
WealthSecure Life is a specialized service focused on providing life insurance and annuity solutions to help secure your financial future. As a licensed agent in Colorado, Texas, and Maryland, I partner with Ethos Life Insurance to offer a range of protection options tailored to your specific needs.
WealthSecure Life is part of the broader WealthSecure Insights family, which focuses on comprehensive financial education and solutions. Our mission is to help individuals and families build financial security through appropriate insurance protection and retirement planning strategies.
I am currently licensed to sell life insurance and annuities in three states:
- Colorado
- Texas
- Maryland
This means I can legally provide insurance advice and products to residents of these states. If you reside in another state, I'd be happy to refer you to a licensed professional in your area.
Getting started with WealthSecure Life is simple:
- Initial Consultation: Schedule a free consultation by phone, video call, or through the contact form on this website. During this conversation, we'll discuss your current situation, concerns, and goals.
- Needs Analysis: I'll help you determine what type and amount of coverage might be appropriate for your specific situation.
- Review Options: I'll present suitable insurance or annuity options based on your needs and budget.
- Application: Once you've selected a product, I'll guide you through the application process, which can often be completed online.
- Policy Delivery: After approval, you'll receive your policy documents, and I'll review them with you to ensure you understand your coverage.
You can begin by either clicking the "Get a Quote" button to start an online quote, or by contacting me directly at (307) 206-5323 to schedule a conversation.
No, I do not charge any fees for consultations or insurance advice. My services are provided at no direct cost to you.
As a licensed insurance agent, I am compensated through commissions paid by the insurance companies when policies are purchased. This standard industry practice means you receive professional guidance without paying consultation or planning fees.
This commission-based structure allows me to provide objective recommendations across multiple insurance providers without charging you directly for my time and expertise.
To provide an accurate life insurance or annuity quote, I'll need some basic information:
- Personal details: Name, date of birth, gender, state of residence
- Contact information: Phone number and email address
- Basic health information: Height, weight, smoking status
- General health history: Major medical conditions or diagnoses
- Coverage needs: Approximate amount of coverage desired or financial goals
For more personalized quotes, additional information about your lifestyle, family history, and specific financial objectives may be helpful. All information provided is kept strictly confidential and is only used for generating accurate quotes and recommendations.
Life Insurance Questions
The amount of life insurance you need depends on your specific situation and goals. A common rule of thumb is 10-15 times your annual income, but this is just a starting point. Here are some factors to consider:
- Income replacement: How many years of income would your family need?
- Debt obligations: Mortgage, auto loans, credit cards, student loans
- Future expenses: College education for children, care for aging parents
- Final expenses: Funeral costs, medical bills, estate settlement
- Existing resources: Savings, investments, other insurance policies
I can help you calculate a more precise amount based on your specific circumstances and goals. Many people find they need more coverage than they initially thought once they account for all potential needs.
The main differences between term and permanent life insurance are:
Term Life Insurance:
- Duration: Covers you for a specific period (term) such as 10, 20, or 30 years
- Cost: Lower premiums initially
- Cash Value: No cash value component
- Simplicity: Straightforward death benefit protection
- Best for: Young families, specific temporary needs (mortgage, children's education)
Permanent Life Insurance (Whole, Universal):
- Duration: Lifelong coverage as long as premiums are paid
- Cost: Higher premiums than term
- Cash Value: Builds cash value over time that you can access
- Flexibility: Some types offer adjustable premiums and death benefits
- Best for: Estate planning, lifetime needs, wealth transfer, business succession
Many people benefit from having both types of insurance at different stages of life or for different purposes. I can help you determine which type (or combination) best suits your needs and budget.
Not necessarily. Through my partnership with Ethos, many applicants can qualify for coverage without a medical exam. Whether you'll need an exam depends on several factors:
- Your age: Younger applicants are more likely to qualify for no-exam options
- Coverage amount: Lower coverage amounts (typically under $1 million) may be available without an exam
- Health profile: Your overall health status based on application questions
- Policy type: Some policy types are more likely to offer no-exam options
Even when exams are required, they're typically simple and convenient. A medical professional can come to your home or office to conduct a basic health check that includes height, weight, blood pressure, and blood/urine samples.
During our consultation, I can help determine whether you might qualify for a no-exam policy based on your specific situation.
Living benefits allow you to access a portion of your life insurance death benefit while you're still alive if you experience qualifying health events. These benefits transform life insurance from protection that only works after death to a financial resource you can use during your lifetime.
Common types of living benefits include:
- Critical Illness Benefit: Accessible if you're diagnosed with a qualifying critical illness like cancer, heart attack, stroke, or organ failure
- Chronic Illness Benefit: Available if you can't perform at least two activities of daily living (eating, bathing, dressing, etc.) for an extended period
- Terminal Illness Benefit: Accessible if you're diagnosed with a terminal illness with a life expectancy of 12-24 months
The amount available through living benefits depends on the severity of your condition and your policy's terms. Using these benefits reduces the death benefit that will eventually be paid to your beneficiaries.
Living benefits are particularly valuable for those concerned about the financial impact of a serious illness or condition during their lifetime.
Through Ethos, many applicants can get coverage very quickly:
- No-exam policies: Can often be approved within minutes to days after completing the online application
- Policies requiring medical exams: Typically take 2-6 weeks from application to approval, depending on how quickly the exam is scheduled and medical records are received
The process includes these steps:
- Complete the online application (10-15 minutes)
- If required, schedule and complete a medical exam
- Underwriting review (varies by case complexity)
- Policy approval and delivery
- First premium payment activates coverage
For those needing immediate coverage while a traditional policy is being processed, I can discuss temporary coverage options that might be available.
Annuity Questions
An annuity is a financial product designed to provide guaranteed income, typically during retirement. At its core, it's a contract between you and an insurance company where:
- You make a payment or series of payments to the insurance company
- The insurance company invests this money
- At a future date (or immediately), the company begins making payments to you
Annuities have two main phases:
- Accumulation phase: When your money is growing through interest or investment returns
- Distribution/income phase: When you receive payments from the annuity
The primary benefit of annuities is their ability to provide guaranteed income that you cannot outlive, essentially creating your own personal pension. This can help ensure financial security throughout retirement, regardless of how long you live.
There are several types of annuities, each with different features and benefits:
Based on when payments begin:
- Immediate Annuities: Begin making payments to you shortly after purchase (usually within a year)
- Deferred Annuities: Payments begin at a future date, allowing time for your money to grow
Based on how they grow:
- Fixed Annuities: Provide a guaranteed interest rate and predictable income payments
- Variable Annuities: Allow you to invest in market-based subaccounts with potential for higher returns (and higher risk)
- Indexed Annuities: Offer returns tied to a market index (like the S&P 500) with downside protection
Based on payout structure:
- Life Annuity: Payments continue for your lifetime, no matter how long you live
- Period Certain: Payments for a specific number of years
- Life with Period Certain: Payments for life, with a minimum guaranteed period
- Joint and Survivor: Payments continue as long as either you or your spouse is alive
The best type of annuity depends on your specific financial goals, time horizon, and risk tolerance. I can help you navigate these options to find the most suitable choice for your situation.
Annuities offer several tax advantages that can make them attractive for retirement planning:
- Tax-deferred growth: You don't pay taxes on earnings inside the annuity until you withdraw them, allowing your money to compound more efficiently over time
- No contribution limits: Unlike 401(k)s and IRAs, annuities have no IRS limits on how much you can contribute
- Tax-efficient income: For non-qualified annuities (purchased with after-tax dollars), a portion of each payment is considered a return of principal and is not taxable
For non-qualified annuities, taxation works on a "last in, first out" (LIFO) basis:
- Withdrawals are considered to come from earnings first (taxable as ordinary income)
- After all earnings have been withdrawn, further withdrawals are considered a return of your original investment (non-taxable)
For qualified annuities (purchased with pre-tax dollars, such as within an IRA), all withdrawals are generally taxed as ordinary income.
Note that withdrawals before age 59½ may be subject to a 10% federal tax penalty in addition to ordinary income tax.
What happens to your annuity after death depends on the type of annuity and the options you selected:
During the accumulation phase (before payments begin):
- Most annuities will pay the contract value or a death benefit to your named beneficiaries
- Some annuities offer enhanced death benefits for an additional cost
During the income phase (after payments have begun):
- Life Only annuity: Payments stop at death with nothing to beneficiaries
- Life with Period Certain: If you die before the guaranteed period ends, payments continue to beneficiaries for the remainder of that period
- Joint and Survivor: Payments continue to your surviving spouse, typically at a reduced amount
- Refund options: Some annuities offer "cash refund" or "installment refund" options that ensure beneficiaries receive at least the amount you paid into the annuity
It's important to carefully consider these options when purchasing an annuity, especially if leaving assets to heirs is an important goal. I can help you understand the various death benefit options and their implications for both you and your beneficiaries.
Yes, you can access money from an annuity, but there are limitations and potential penalties to be aware of:
During the accumulation phase:
- Free withdrawals: Most annuities allow annual withdrawals of 10% of the contract value without surrender charges
- Surrender charges: Withdrawals exceeding the free withdrawal amount during the surrender period (typically 5-10 years) incur surrender charges that typically decline over time
- Tax consequences: Withdrawals of earnings are subject to ordinary income tax
- Early withdrawal penalty: If you're under age 59½, withdrawals may be subject to a 10% federal tax penalty on the taxable portion
Penalty-free access options:
Many annuities waive surrender charges in certain situations:
- Terminal illness diagnosis
- Nursing home confinement
- Required Minimum Distributions (RMDs)
- Death benefit to beneficiaries
Because of these restrictions, annuities should generally be purchased with money you won't need for immediate expenses. I recommend maintaining separate emergency funds and liquid assets for short-term needs.
State-Specific Questions
Yes, Colorado has several insurance regulations that protect consumers:
- Free Look Period: Colorado provides a 15-day "free look" period for life insurance policies, allowing you to review your policy and return it for a full refund if you're not satisfied
- Grace Period: Policies must provide a 31-day grace period for premium payments before coverage can be terminated
- Interest on Claims: Life insurance companies must pay interest on death benefits if they take more than 30 days to pay a claim after receiving proof of death
- Contestability Period: After a policy has been in force for two years, the insurance company generally cannot contest it based on misstatements in the application (except in cases of fraud)
Colorado also has specific regulations regarding policy illustrations, disclosure requirements, and suitability standards that help ensure consumers receive appropriate products and clear information.
As a licensed Colorado agent, I stay current on all state regulations to ensure you receive compliant and suitable recommendations.
Texas has several consumer protections and unique features for insurance products:
- Free Look Period: Texas provides a 10-day "free look" period for life insurance (20 days for annuities) during which you can cancel for a full refund
- Grace Period: Policies must provide a 31-day grace period for premium payments
- Prompt Payment: Insurance companies must pay claims within 60 days of receiving proof of death or face penalties
- Creditor Protection: Texas offers strong protection for life insurance and annuity proceeds from creditors
- No State Income Tax: Since Texas has no state income tax, the tax-deferred growth of annuities may have different implications compared to states with income tax
Texas also has specific disclosure requirements for replacement policies and annuity transactions to ensure consumers make informed decisions.
As a licensed Texas agent, I can help you navigate these regulations and take advantage of the consumer protections available to Texas residents.
Maryland has robust consumer protections for insurance products:
- Free Look Period: Maryland provides a 10-day "free look" period for life insurance policies
- Grace Period: Policies must provide a 30-day grace period for premium payments
- Interest on Claims: Life insurance companies must pay interest on death benefits if payment is delayed beyond 30 days after receiving proof of death
- Suitability Requirements: Maryland has adopted the NAIC model regulation requiring agents to ensure annuities are suitable for consumers based on their financial situation and needs
- Maryland Life Insurance Guaranty Corporation: Provides protection (up to certain limits) if an insurance company becomes insolvent
Maryland also has specific regulations regarding policy replacements, requiring detailed comparisons between existing and proposed policies to help consumers make informed decisions.
As a licensed Maryland agent, I ensure all recommendations comply with state regulations and that you understand all the protections available to you as a Maryland resident.
Yes, insurance rates can vary by state due to several factors:
- Regulatory Environment: Different states have different requirements for policy provisions and reserves that can affect pricing
- State-Specific Mortality Data: Insurance companies may consider state-level mortality statistics in their pricing models
- Market Competition: The number of insurers operating in a state can affect competitive pricing
- State Premium Taxes: States charge different premium taxes that insurers typically pass on to consumers
That said, for many national insurance companies, the variation in life insurance rates between Colorado, Texas, and Maryland is often minimal compared to the impact of personal factors like age, health, gender, and coverage amount.
When I provide quotes, they will be specific to your state of residence and reflect the current rates available to you based on all relevant factors.
If you move to a different state after purchasing a life insurance policy or annuity:
- Your coverage continues: Your existing policy remains in force with the same terms and conditions
- No rate changes: Your premium rates won't change due to your move
- Address update required: You should notify your insurance company of your new address to ensure you receive all important communications
- State of issue governs: The regulations of the state where you purchased the policy generally continue to govern the contract
If you move to a state where I'm not licensed (outside of Colorado, Texas, or Maryland) and need service on your policy:
- You can continue to contact me with questions
- You can work directly with the insurance company's customer service
- For new policies or significant changes, you may need to work with an agent licensed in your new state
I recommend notifying both me and your insurance company whenever you move to ensure continuous service and communication.
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